M id A tlantic Real Estate Journal — Owners, Developers & Managers — October 2024 — 39
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O wners , D evelopers & M anagers
The 316-unit DST property is located at 775 Gateway Dr. SE in Leesburg, VA Capital Square completes sale of Bellemeade Farms Apartments L EESBURG, VA — Cap- ital Square announced the sale of Bellemeade
one- and two-bedroom floor - plans ranging in size from 583 s/f to 954 s/f. Community amenities include a resort- style pool, outdoor grilling and entertaining area, resident lounge, club room, dog park and spa, tennis courts, 24-hour fitness center with a cardio studio and garden plots avail- able to rent. Situated on 15.74 acres of land, the community was origi- nally constructed in 1988 and has had $2 million invested in maintenance, landscaping and common areas by prior institutional ownership over
the last three years. “By investing in the DST, Capital Square’s investors secured ownership of a large, producing multifamily prop- erty in one of the wealthi- est counties with significant population growth and a high- ranking school district,” said Whitson Huffman , co-chief executive officer. “After five years of sponsoring and man- aging this investment offering, we are pleased to continue our successful track record and once again deliver a compel- ling result to investors by tak- ing this DST full-cycle.” MAREJ
Farms Apart- ments, a 316- unit multi- family prop- erty located in Leesburg. The property was owned by a group of investors in
Louis Rogers
a Capital Square-sponsored Delaware statutory trust (DST) who realized a 136.42% total return, or a 6.47% annualized return, from their 1031 ex- change investment. Since 2018, Capital Square has taken 31 DST offerings full-cycle that have resulted in an average 168.45% total return and an average 12.95% internal rate of return. “This is another successful sale of a DST property,” said Louis Rogers , founder and co-chief executive officer of Capital Square. “For 12 years, Capital Square has proven a track record of delivering stable returns and appreciation for DST investors.” Located at 775 Gateway Dr. SE, Bellemeade Farms is com- prised of 12 residential build- ings and a clubhouse with a leasing office. The community includes efficiently designed WEST CHESTER, PA — After three years of a successful and productive partnership, Core States Group and Bernardon, LLC announced that Ber- nardon will operate under the Core States Group name, effective October 1, 2024. Core States Group is an integrated, industry-leading architecture, engineering, and construction (A/E/C) firm that partners with some of the world’s most recognized brands. This new chapter will strengthen Core States Group’s capabilities and open more opportunities to impact the industry nationwide. This announcement comes on the heels of Core States Group’s recent acquisition of Barghausen Consulting Engineers, Inc. MAREJ Core States Group integrates Bernardon, strengthening A/E/C capabilities
Bellemeade Farms Apartments
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